Dow Theorist Richard Russell: Sell Everything, You Won't Recognize America By The End Of The Year
Joe Weisenthal | May. 18, 2010, 8:57 AM
Richard Russell, the famous writer of the Dow Theory Letters, has a chilling line in today's note:
Do your friends a favor. Tell them to "batten down the hatches" because there's a HARD RAIN coming. Tell them to get out of debt and sell anything they can sell (and don't need) in order to get liquid. Tell them that Richard Russell says that by the end of this year they won't recognize the country. They'll retort, "How the dickens does Russell know -- who told him?" Tell them the stock market told him. [...]
is scared stupid by what he sees. He has been around since the Great Depression and probably knows what he is talking about. So what do we do?
I don't have much stock so I am going to jigger my portfolio to invest in fundamentals. That means things people cannot live without (like energy, food, medicine), and precious metals. I don't think I want to go completely out, but you can do what you want.